Professional fees of Rs.30000/- is paid to a consultant ABC
& Co.
please pass the necessary entry for the same
- 43 Answers
- 94234 Views
- I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
Answer / vipin tyagi
Professional fees A/c Dr. 30,000
To ABC & Co. 26,910
To TDS on Professional 3,090
(Being provision for professional fee due)
ABC & Co. Dr. 26,910
To Bank A/c 26,910
(Being professional charges paid)
| Is This Answer Correct ? | 170 Yes | 54 No |
Answer / vipin tyagi
Professional Fees Dr. 30000
To ABC & co. 27000
To TDS on Professional(10%) 3000
(Being amount of professional consultancy charges payable
to M/s ABC & Co.)
ABC & co. Dr. 27000
To Bank A/c 27000
(Being amount of professional consultancy charges paid to
M/s ABC & co.)
| Is This Answer Correct ? | 97 Yes | 8 No |
Answer / kailash
Professional Expenses A/c Dr.30000/-
To ABC & Co. Cr.26910/-
To TDS Deducted on Profession Fees Cr.3090/-
(Being bill received from ABC Co. For Professional Charges &
TDS Deducted @10.30% i.e 3091/-)
Payment Enrtry
ABC & Co Dr.26910/-
to Bank & Cash A/c Cr.26910/-
(Being cash & chq. paid to ABC & Co.)
| Is This Answer Correct ? | 16 Yes | 9 No |
1- Journal entry
Professional Fee DR 30000.00
To Tds Paybale 3090.00
To ABC & Co 26910.00
(Being Professional fee payable)
Payments-
2- Tds Payble a/c Dr 3090
To Bank A/c 3090
( Being tds deposit)
3- Abc & Co Dr 26910
To bank a/c 26910
( Being Amount paid to Abc & Co.)
| Is This Answer Correct ? | 14 Yes | 7 No |
Answer / aakash
Professional Fees Dr. Rs 30000
To A B C Consultant Company 27000
To T.D.S. Payable 3000
A B C Consultant Company dr 27000
To Bank 27000
| Is This Answer Correct ? | 7 Yes | 0 No |
Answer / umesh tayal
Professional fees A/c Dr. 30000/-
To ABC & Co.A/c 26601/-
To TDS on Professional 3399/-
(Being Expencess book for Professionl Services TDs
30000@11.33%)
ABC & Co. A/c. Dr. 26601/-
To Cash/Bank A/c. 26601/-
( Being Bank/Cash Paid to ABC & Co.)
| Is This Answer Correct ? | 18 Yes | 15 No |
Answer / ashok l k , fca, aicwa,fcs
Professional charges A/C Dr 30,000.00
To TDS On Professional/Technical charges 3,090.00
To bank 26,910.00
(Being the professional charges paid to ABC & Co after
deducting TDS on professional / technical charges @ 10.30%
now accounted )
| Is This Answer Correct ? | 7 Yes | 4 No |
Answer / r.s.mehra
PROFESSINAL FEE A/C DR.30000
SERVICE TAX A/C(12.36%) DR 3708
TDS PAYABLE A/C CR.3371
ABC & CO. A/C CR30337
| Is This Answer Correct ? | 13 Yes | 10 No |
Answer / sri
1) By professional fees 30,000/-
To abc & co. 30000/-
2) by Abc & co. 30000/-
to tds on proff. fees 3090/-
to bank / cash a/c. 26910/-
(so the payment made to abc & co. is rs. 26910/- only)
3) by tds on proff. fees 3090/-
to bank / cash a/c. 3090/-
(this amount is paid to govt. thru' nationalised bank
with reference to abc&co.'s PAN Card no.)
I think this the correct entry for the above transaction.
if anyone found it is false. then tell me the correct ans.
Jsri.
| Is This Answer Correct ? | 13 Yes | 11 No |
PROFFESSINAL Fee DR. 30000
TO ABC&CO. 26910
TO TDS a/c(10+3)% 3090
(provision created for profesional fee and TDS deducted)
ABC & co. Dr 26,910
To Bank 26,910
(Professional fee paid to ABC & Co.)
| Is This Answer Correct ? | 10 Yes | 8 No |
What is Fringe benifits tax?
Can grants made in stage payments but not yet received be accrued as grants receivable?
Expand DEHM
HOW TO PASTE MORE THAN 8 PO'S (PURCHASE ORDER) IN MM posting?
Assessment Year or Finanacial Year is Both are same or Different.
Answered but misspelled pl correct YOU CANNOT FIND CLOSING BALANCES OF ___________ACCOUNTS IN THE NEXT YEAR BOOKS(ANS.EEERVNU)
What are all the items come under P&L and Balance sheet?
14 Answers EF, TCS, Wipro,
if salary paid per month rs. 28000/- i will deduct tds from his salary please what i will do explain
what is inflation accounting
The following Trial Balance was extracted from the books of Chetan.Do you think that it is correct? If not,rewrite it in the correct form. Debits Rs Credits Rs ------------------------------------------------------------ Stock |8250 | Capital |10000 Purchases |12750 | Sales |15900 Returns outward |700 |Returns inwards |1590 Discount received|800 |Discount allowed |800 Wages & salaries |2500 |Scooty |1750 Rent and rates |1850 |Carriage charges |700 Sundry debtors |7600 |Sundry Creditors |7250 Bank Overdraft |2450 |Bills payable |690
Sale of old furniture recordrd as sales a/c. recify it
what tax will be on puchasing of sweets and is necessery to use form 38.
Audit 
